The Billionaires Making Moves to Buy or Sell Sports Teams This Year

Guggenheim Partners CEO Mark Walter, who is already the primary owner of the Los Angeles Dodgers, reportedly bought the Los Angeles Lakers for a record $10 billion in June.

Walter is also a primary owner of an F1 team and the WNBA’s Los Angeles Sparks.

Forbes estimates Walter is worth $6.2 billion.

A Boston-area native, Bill Chisholm made his fortune in Silicon Valley as managing partner of STG Partners. In March, a group led by Chisholm bought the NBA’s Boston Celtics for $6.1 billion, a record amount for a North American sports franchise before the Lakers’ staggering sale price.

Chisholm and Walker’s agreements are still pending approval of the NBA’s Board of Governors.

Forbes estimates that Chisholm is worth $3.2 billion.

Wonder CEO Marc Lore and MLB great Alex Rodriguez teamed up to buy the NBA’s Minnesota Timberwolves for $1.5 billion. The WNBA’s Minnesota Lynx were also included in the sale.

The deal dates back to 2021, but talks turned sour after then-owner Glen Taylor tried to nullify it. After four years of back and forth, Taylor decided not to challenge an April arbitration ruling that went in Lore’s favor. The NBA approved the sale in June.

Former Google CEO Eric Schmidt and former New York Mayor Michael Bloomberg are also part of the ownership group.

Lore made his fortune in e-commerce, co-founding Diapers.com parent company and Jet.com, which was later sold to Walmart for $3.3 billion in 2016.

Forbes estimates that Lore is worth $2.9 billion.

Jets owner Woody Johnson bought a 43% in Crystal Palace, an English Premier League team, for a reported $254 million in June.

Johnson, a GOP megadonor and former US ambassador to the United Kingdom, is an heir to the Johnson & Johnson fortune.

He bought the stake from John Textor, who is a former executive chairman of FuboTV. The deal is still pending league approval.

Forbes estimates that Johnson is worth $3.4 billion.

Tom Gores, who runs the Beverly Hills-based Platinum Equity, is among a handful of billionaires who will own one of the three WNBA expansion franchises.

Each ownership group paid a $250 million expansion fee, a record amount for a new team in a women’s league, according to Sportico. The WNBA has exploded in popularity, largely due to the arrival of Caitlin Clark. The WNBA announced the expansion teams in June.

Gores, who is the sole owner of the NBA’s Detroit Pistons, will run a team also based in Detroit.

Forbes estimates that Gores is worth $9.4 billion.

Josh Harris, a cofounder of Apollo Global Management, will share in the ownership of a new Philadelphia WNBA team.

Harris is a cofounder of Harris Blitzer Sports & Entertainment, which he created with Blackstone executive David Blitzer. Their group also owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.

Outside of the group, Harris is also the managing partner of the Washington Commanders. In 2023, Harris led a group that bought the NFL team for a then-record-breaking $6.05 billion.

Forbes estimates that Harris is worth $10.2 billion.

Dan Gilbert, cofounder of what is now Quicken Loans, will own the future WNBA team in Cleveland, complementing his existing ownership of the NBA’s Cleveland Cavaliers.

Gilbert made headlines in 2010 for writing an open letter that mocked LeBron James after the Ohio native left the Cavaliers for the Miami Heat.

James and Gilbert later made up and celebrated the 2016 NBA title, which capped James’ return to Ohio.

According to Forbes, Gilbert is worth an estimated $25.9 billion. He also founded StockX, a resale platform that reached unicorn status in 2019.

Jeanie Buss, controlling owner of the Lakers, is selling the 17-time NBA champion to Walker for a reported $10 billion.

Jerry Buss, Jeannie’s father, purchased the team in 1979 for $67.5 million in a deal that included the Forum Arena and the NHL’s Los Angeles Kings. Under the Buss family, the Lakers have become one of the world’s most valuable sports franchises and won 11 NBA titles.

Last year, Forbes valued the Lakers at $7.1 billion. (Buss herself is not on the billionaires list.) Buss took over the Lakers after her father died in 2013.

In a statement announcing the sale in June, the Lakers said Jeannie Buss will remain the team’s governor after the sale is completed.

Wyc Grousbeck, who co-owns the Celtics with his father, Irving, is selling the team to Chisholm for a reported $6.1 billion. The deal was first announced in March.

The Grousbecks led the purchase of the team in 2002. Since then, the Celtics have won two NBA championships. Their 2024 title was the franchise’s 18th overall, the most in league history. Last year, Forbes estimated that the team was worth $6 billion and was the 19th-most valuable sports franchise in the world.

Forbes estimates Irving Grousbeck and his family are worth $2.2 billion.

Glen Taylor, founder of a Minnesota-based printing firm, has agreed to sell the Timberwolves to a group led by fellow billionaire Marc Lore for $1.5 billion.

Taylor’s initial 2021 deal called for him to retain a 20% stake in the team. ESPN reported that Lore, Rodriguez, and the rest of their group are poised to buy Taylor out completely.

Taylor bought the Timberwolves in 1994 for roughly $88 million, which also prevented the franchise from moving to New Orleans.

Forbes estimates that Taylor is worth roughly $3 billion.

The estate of Microsoft cofounder Paul Allen is selling the Trailblazers. After a lengthy dispute, the NBA confirmed in May that the team was available.

Jody Allen, Paul’s sister, has been acting as the team’s top executive since Allen’s death from cancer in 2018.

The team was official put up for sale in May. In 2018, Forbes estimated that Allen was worth $20.3 billion.

Justin Ishbia, the founder of Shore Capital Partners, a Chicago-based private equity firm. In June, the Chicago White Sox announced a deal that could lead to Ishbia becoming the future owner of the MLB franchise.

Ishbia, who already owns a minority stake in the team, will make unspecified cash infusions into the club in 2025 and 2026. As early as 2029, Ishbia could take over the team from Jerry Reinsdorf. There is no guarantee that such a transaction will occur.

Ishiba’s brother, Mat, owns the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury, which Justin Ishiba also shares in.

Forbes estimates that Justin Ishiba is worth $4.3 billion.

Jerry Reinsdorf, the longtime owner of the Chicago Bulls and White Sox, has reached an agreement to potentially sell control of the South Side MLB team as soon as 2029.

If they reach an agreement, Reinsdorf could eventually turn over control of the White Sox to Justin Ishbia. Their agreement was first announced in June.

Reinsdorf, who made his initial fortune in real estate, has also overseen a massive increase in the Bulls’ value. He and his investment partners bought the NBA team one year after Michael Jordan was drafted.

Forbes estimates that Reinsdorf is worth $2.3 billion.